The International Finance Corporation (IFC) signed on Wednesday with I&M Bank a two-year advisory deal of US$0.5m to expand access to finance for small and medium enterprises. The engagement follows IFC’s US$10m subordinated loan to I&M Bank in May 2018 to strengthen the bank’s capital base, and help it increase lending to small enterprise. The advisory project is the first for IFC in Rwanda.
By promoting increased access to finance for underserved small and medium enterprises, I&M Bank says that they are seeking to support the Government’s National Strategy for Transformation and the Vision 2050.
Robin Bairstow, Chief Executive Officer of I&M Bank, said that with the partnership, they are seeking to build banking products for small business customers to increase their reach in regards to the SME growth.
